Exhibit 99.1

 

MAXIMUS, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Year

 

 

 

 

 

 

 

Quarter Ended

 

Ended

 

Quarter Ended

 

 

 

Dec. 31,

 

Mar. 31,

 

Jun. 30,

 

Sept. 30,

 

Sept. 30,

 

Dec. 31,

 

Mar. 31,

 

 

 

2009

 

2010

 

2010

 

2010

 

2010

 

2010

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

203,320

 

$

204,386

 

$

211,527

 

$

212,516

 

$

831,749

 

$

214,114

 

$

227,116

 

Cost of revenue

 

151,145

 

153,835

 

154,514

 

151,422

 

610,916

 

158,155

 

164,050

 

Gross profit

 

52,175

 

50,551

 

57,013

 

61,094

 

220,833

 

55,959

 

63,066

 

Selling, general and administrative expenses

 

27,429

 

28,787

 

31,658

 

30,904

 

118,778

 

28,667

 

33,572

 

Legal and settlement expense (recovery)

 

686

 

(6,037

)

 

 

(5,351

)

 

 

Income from operations

 

24,060

 

27,801

 

25,355

 

30,190

 

107,406

 

27,292

 

29,494

 

Interest and other income, net

 

99

 

186

 

442

 

189

 

916

 

491

 

919

 

Income before income taxes

 

24,159

 

27,987

 

25,797

 

30,379

 

108,322

 

27,783

 

30,413

 

Provision for income taxes

 

9,559

 

9,996

 

9,672

 

9,698

 

38,925

 

10,196

 

11,375

 

Income from continuing operations

 

14,600

 

17,991

 

16,125

 

20,681

 

69,397

 

17,587

 

19,038

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations, net of income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations

 

(1,972

)

752

 

1,200

 

1,060

 

1,040

 

 

(265

)

Loss on disposal

 

 

 

 

(28

)

(28

)

(105

)

(554

)

Income from discontinued operations

 

(1,972

)

752

 

1,200

 

1,032

 

1,012

 

(105

)

(819

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

12,628

 

$

18,743

 

$

17,325

 

$

21,713

 

$

70,409

 

$

17,482

 

$

18,219

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.41

 

$

0.52

 

$

0.46

 

$

0.60

 

$

1.99

 

$

0.51

 

$

0.55

 

Income (loss) from discontinued operations

 

(0.05

)

0.02

 

0.04

 

0.03

 

0.03

 

 

(0.02

)

Basic earnings per share

 

$

0.36

 

$

0.54

 

$

0.50

 

$

0.63

 

$

2.02

 

$

0.51

 

$

0.53

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.40

 

$

0.50

 

$

0.45

 

$

0.58

 

$

1.93

 

$

0.50

 

$

0.54

 

Income (loss) from discontinued operations

 

(0.05

)

0.02

 

0.03

 

0.03

 

0.03

 

(0.01

)

(0.03

)

Diluted earnings per share

 

$

0.35

 

$

0.52

 

$

0.48

 

$

0.61

 

$

1.96

 

$

0.49

 

$

0.51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends per share

 

$

0.06

 

$

0.06

 

$

0.06

 

$

0.06

 

$

0.24

 

$

0.06

 

$

0.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

35,191

 

34,817

 

34,847

 

34,455

 

34,827

 

34,361

 

34,422

 

Diluted

 

36,078

 

35,960

 

36,008

 

35,614

 

35,930

 

35,420

 

35,574